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EverWest, Woodmont Partner to Redevelop Somerset Offices as Industrial
EverWest Real Estate Investors, in joint venture with Woodmont Properties, has purchased a 351,782-square-foot office building and adjacent land site in Somerset, NJ. The partnership plans to vacate and demolish the existing improvements at 400 and 600 Atrium Dr. to develop two Class A warehouse/distribution buildings totaling more than 426,000 square feet.
“Somerset is one of the fastest-growing industrial submarkets in the New Jersey market, with limited existing availability, modest new speculative construction and a growing list of major users and investors turning their interest toward the area,” said EverWest’s director of Northeast acquisitions, Stephen Feinberg. “This project will make the most of those fundamentals.”
Feinberg directed the transaction on behalf of EverWest, in collaboration with Anthony Amadeo of Woodmont and with representation by CBRE’s Elli Klapper, Kevin Dudley and Mark Silverman. The acquisition marks the third transaction in New Jersey between EverWest and Woodmont within the past nine months.
- ◦Sale/Acquisition
